Shared reciprocal links database ok?

[eggypiece]

When I started my site about 18 months ago, I was very happy to find a 41-site block of gifts-related sites which offered a reciprocal link. They all share the same links database, in which sites are assigned to letters of the alphabet. For example, the page where my link is stored in all the different sites is something like:

"http://dir.nameoftheirsite.com/links.php/M/1.html"

- Besides the fact that I would need to contact all of them to change my anchor text, any comments positive or negative about this type of shared database?

- Do you believe this is ok with the search engines?

Thanks!